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Cassie Willi…, Home Buyer in KR

how low could you set monthly payments or, do i have to set that up with my bank?

Asked by Cassie Williams, KR Tue Oct 28, 2008

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This question is about this property: http://www.trulia.com/property/1069513586-205-Eagle-Lake-Rd-…

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Payments are not set to your wishes. You can influence them though by some of the things already talked about; down payment, interest rates although they are pretty much set, price of the home you buy, loan type etc. Also shopping for loans can make a difference. That's why I always suggest talking with a mortgage broker vs, a specific bank. A broker shops for the best loans for your need. It could end up being your corner bank or some company across the country. A good question though!! Good luck with your shopping!!
0 votes Thank Flag Link Sun Aug 17, 2014
You really should sit down with a local and trusted mortgage broker, they can tell you what the payments will be based on your credit, down payment and final purchase amount. Interest rates are determined by your credit score and amount done so it is ghard to quote you an amount. Good luck with your purchase
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Nov 4, 2008
Your payment can be as low as you want it. It all depends on how much money you put down. The rest is determined by the number of years you finance for and the interest rate. Your banker can tell you to the penny how much your payments will be based on your down payment. Keep in mind you have taxes and insurance on top of the payment. It does not stop with just the payment. That is just the beginning. You need to think seriously about all the monthly cost involved with home ownership. Add this to the basic payment and you will have your real monthly payment.

Now that I have scared the britches off you, now is the best time to find a great deal on a home. Find one that fits you like an old favorite pair of sneakers and get it. Like those sneakers, you will love your home.

I wish you the best.

Bill Brannon
0 votes Thank Flag Link Tue Nov 4, 2008
The best way to determine your monthly payment and the price range of homes to search for is to visit your local lender. If you already know a Realtor to contact, they are a great source for recommending lenders in your area. A quick way to give you a rough estimate of a monthly payment is to take the number of hundreds of thousands, so for $200,000, use 200, then multiple it by 6 which is the factor for 6% interest. Of course you have to qualify for a program such as a 30 year fixed rate loan, but that would give you an estimated principal and interest payment of $1,200. You then have to add 1/12 of your annual taxes and insurance to that number to determine your total monthly payment. HOA or Condo Fees are paid separately to the Association. I hope that helps.
0 votes Thank Flag Link Tue Oct 28, 2008
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